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HSBC plans 12-year callable step-up notes with 3.5% initial rate
By Toni Weeks
San Diego, Oct. 14 - HSBC USA Inc. plans to price callable step-up rate notes due Nov. 1, 2023, according to an FWP filing with the Securities and Exchange Commission.
The coupon will be 3.5% for the first four years. It will step to 4.25% on Nov. 1, 2015 and to 5.5% on Nov. 1, 2019. Interest is payable quarterly.
The payout at maturity will be par.
The notes will be callable at par on Nov. 1, 2015 and Nov. 1, 2019.
The notes (Cusip: 4042K1QP1) are expected to price in October and settle Nov. 1.
HSBC Securities (USA) Inc. will be the agent.
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